ESMA LIBRARY

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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
06/09/2012 2012/SMSG/58 SMSG Advice on EMIR Draft (Regulatory) Technical Standards Letter PDF
235.22 KB
01/03/2013 308184 European Commission extends deadline for ESMA advice on equivalence of non-EU rules with EMIR Letter PDF
137.93 KB

On February 27, the European Commission extended for four months the deadline for ESMA advise on the equivalence between non-EU legal and supervisory frameworks and EMIR, the European Markets Infrastructure Regulation.  According to the letter from the Commission, ESMA shall now deliver its advice on Japan and the USA by 15 June 2013 and, for the remaining countries specified in the request by 15 July 2013.  The original deadline was 15 March 2013.

13/05/2013 804587 EMIR – Draft standard on the cross-border application of EMIR, (Art. 4(4) and 11(14)) Letter PDF
157.5 KB
14/06/2013 2224977 Updated mandate on EMIR equivalence Letter PDF
364.5 KB
03/09/2013 2013/1163 Technical advice on third country regulatory equivalence under EMIR Letter PDF
174.58 KB
26/09/2013 DG Markt MJ/acg (2013) 3265823 European Commission letter regarding Draft Technical Standard on the Cross-Border Application of EMIR Letter PDF
82.86 KB
02/10/2013 2013/1383 Technical advice on third country regulatory equivalence under EMIR Letter PDF
44.23 KB
15/11/2013 2013/1655 ESMA reply to Commission letter on the reporting of exchange traded derivatives under EMIR Letter PDF
42.73 KB
08/05/2014 2014/483 Letter to the European Commission- Frontloading requirement under EMIR Letter PDF
121.56 KB

This letter to the European Commission advances ESMA's intention to ease certain frontloading requirement under the European Markets Infrastructure Regulation (EMIR).  Frontloading is a term that refers to the clearing obligation under EMIR, which will oblige counterparties to centrally clear certain derivative trades through clearing houses (CCP). ESMA believes that the frontloading procedure creates uncertainties for derivatives end-users while the exact terms of the clearing obligation has not been defined which could have adverse impacts on risk hedging and financial stability. Therefore, ESMA informs the European Commission that it intends to establish the frontloading requirement in a manner that will minimise uncertainty. The clearing requirement began to apply with the first authorisation of an EU-based CCP which happened on 18 March 2014. Following the first CCP approval, EMIR requires ESMA to draft within six months technical standards which will define the derivatives classes subject to central clearing.  However, compulsory central clearing will only start with the entry-into-force of the technical standards which creates the need to ‘frontload’ those derivate trades since 18 March 2014.

17/07/2014 JC/2b D(2014) 2392454 European Commission response to ESMA letter regarding frontloading requirement under EMIR Letter PDF
71.29 KB
30/09/2014 2014/1179 Letter to Commission Barnier- Postponement of reports due by ESMA under Article 85.3 of EMIR Letter PDF
30.37 KB
21/11/2014 2014/1385 ESMA letter to European Commission regarding EMIR clearing obligation Letter PDF
34.57 KB
13/02/2015 EC-15-639 European Commission letter regarding EMIR clearing obligation on Interest Rate Swaps Letter PDF
183.74 KB
05/10/2015 2015/1498 Letter to European Commission re RTS on indirect clearing under EMIR and under MiFIR , Letter PDF
92.96 KB
05/10/2015 2015/1498 Letter to European Commission re RTS on indirect clearing under EMIR and under MiFIR Letter PDF
92.96 KB
13/11/2015 2015/1674 Cover letter to COM- EMIR Technical Standards Letter PDF
28.51 KB
05/02/2016 2016/234 ESMA’s supervision of credit rating agencies and trade repositories- 2015 annual report and 2016 work plan. , Report PDF
2.08 MB

The European Securities and Markets Authority’s (ESMA) annual report and work programme has been prepared according to Article 21 of Regulation 1060/2009 on credit rating agencies as amended (the CRA Regulation) and Article 85 of Regulation 648/2012 on OTC derivatives, central counterparties and trade repositories (EMIR). It highlights the direct supervisory activities carried out by ESMA during 2015 regarding credit rating agencies (CRAs) and trade repositories (TRs) and outlines ESMA’s main priorities in these areas for 2016.

ESMA adopts a risk-based approach to the supervision of CRAs and TRs in accordance with its overall objectives of promoting financial stability and orderly markets and enhancing investor protection. This risk-based approach requires the analysis of information from a variety of sources and the application of multiple supervisory tools including day-to-day supervision, cycle of engagement meetings with supervised entities, on-site inspections and dedicated investigations.

In order to build on the expertise that ESMA has developed through its supervision of CRAs and TRs, ESMA created a single Supervision Department in November 2015. ESMA intends to draw on the best practices identified from the supervision of both types of entity to further enhance its supervisory effectiveness in future.

18/01/2017 ESAS-2017-82 Report on the functionning of the CRR with the related obligations under EMIR Report PDF
602.75 KB
30/01/2017 ESMA70-708036281-19 Letter to European Commission- EMIR Review and Sanctioning Powers , Letter PDF
265.24 KB
31/03/2017 ESMA70-708036281-82 Final Report on Technical standards under SFTR and certain amendments to EMIR Report PDF
3.61 MB